Hi everyone. My name is Jerome Deflesselles, I am responsible for renewable energy finance within Societe Generale. This presentation aims to provide you with an overview of the renewable energy industry, and to explain how the financing community is supporting this fast growing industry. First, I will share with you some highlights on the sector. After decades of intensive usage of fossil energies and total absence of control of CO2 emission, the energy revolution has started and renewable energy is playing the first role. Cop 21 has put energy transition at glance in recent months, but experts have understood for years that renewable energy is not just a fashion. No ambiguity at all, renewable is a groundswell which will impact the energy mix of all countries across the globe. YE 15, renewable installed capacity in the world has reached impressive figures of 1,700 gigawatt. For an illustration, this figure could be compared to the capacity of 1000 EPR type nuclear plants. Just amazing, isn't it? More than half of the renewable capacity installed in the world is either roughly 1,000 gigawatt. There was 700 gigawatt consisting wind, solar, and biomass. Yearly, more than $300 billion are invested by utilities and equity funds in new renewable energy assets. First, wind annual and the annual growth of the wind is in the range of 15 percent, backward 10 years and also looking forward. Solar, annual growth is about 30 percent. In Europe, ambition is that renewable with the present roughly one-third of the energy mix, exactly 27 percent by 2040. Which translate into more than 30 billion Euro, new investment to be done every year. How many double-digit growth sector do you know in Europe those days? Probably very few, among which renewable. Now that we have seen there are a few highlights on the sector, let me see how the financing community as to adapted to the change of paradigm. Renewable assets are more complex to finance then standard and well-known conventional energy sources. Why that? Well, the challenges of the bankers are numerous. First technologies. Usually banks finance mature assets with demonstrated long-term performances. Renewable technologies are not stabilized and each new project has its own part of innovation. As of the size of the turbine, the efficiency of the panels, the integration methods, the components. It is all about uncertainties in supply processes, and capacity of the asset to deliver performances on the long-run. Second, challenge of the banker, the support and the regulation mechanisms. As any new industry renewable I've been an economical for years, and were not able to compete with classical CO2 heavy fossil industries. For years renewable I've thus required subsidies, and complex and evolving support mechanisms, country by country. It is all about, the uncertainties on the sustainability of this support regime on the long run. Fair to say that the landscape is now changing a bit, because now renewable are more and more competitive, and tremendous progresses have been done recently. Required now are less and less subsidies. This is the case for wind onshore in certain regions of the globe of solar assets in others. Offshore remained an industry which needs some subsidies at least for a couple of years. The third challenge of the banker, is clearly the specific inherent issues to renewable energy assets. By nature renewable energy sources are intermittent. Which might cause some security of supply issues in low wind, or low solar radiation period, and high demand. Smart grid on one side and electricity storage, are probably the new innovation we count on to mitigate this intermittency issues. For a bank you cannot imagine putting billion Euro of commitment at work on such an evolving sector without developing an in-depth understanding of renewable energy assets. This is the work, we have done at SG since 2003, and I can tell you this is to the very well known by the industry that SG is highly committed to an energy transition on one side, and two renewable more specially. SG has financed his first wind farm back in 2003, is first solar asset in Spain, and then in Italy in 2005, and progressively the first offshore transaction in Belgium back in 2007. SG has a clear and straightforward energy strategy, among which renewable is clearly one of the very few pillars. As you may have seen, SG has recently announced that it will double its financing on renewable, and that it is prepared to commit up to 10 billion Euro by 2020. In 2016 for example, more than 80 percent of the new commitment taken by the bank in the power industry are related to renewable energy assets with a clear acceleration trend of roughly 35 percent year to year. Now, I will explain how bank can grow a business with a rising star in such an evolving new sector and industry. The company I want to refer is named Neoen. It has been launched by a group of individuals in 2008. Progressively developing small, sounds and reasonable projects, SG has supported Neoen from its very beginning. Suddenly in 2014, Neoen is embark on the 300 megawatt, 400 million Euro CapEx solar project in France. The project is named Cestas, it is the Europe's largest solar project. Getting this project approved is of course an incredible success for a company like Neoen. But not doubt, it is also a major challenge for such a young company. Why that? Because first, regulation is very complex for various reasons the project had to be split into 25 projects of 12 megawatts of course bit complex in terms of legal stuff. On the other side construction challenge, the project must be completed in max 10 months, meaning an installation rate of roughly three times the industry standard at the time of the project. Last financing, because Neoen being a new company, was just unable to commit 400 million Euros on such a project and then was looking for equity, and debt to accommodate with a project needs. In this context, SG recommendation was extremely simple. Thanks to the intimacy we have developed with the management of the company. We SG, was immediately on boarded to support and to try to find the path to make out of Cestas a success. Thanks on one side to our expertise in the sector, and well intimacy with the management. We were able to formulate quite strong recommendation on both contracting, equity, and debt rising strategies. The clients was convinced, the strategy was it's best option to overpass a change of Cestas, and decided to mandate SG as sole underwriter of the project. Four months later, Cestas raised its equity from nine group of investors, and it's debt from SG. This debt being further distributed as usually in the following weeks through a general syndication. The three key messages I want to leave you with, with the story of Cestas and Neoen. First, don't think deals will only come from major blue-chip companies. Early detection of emerging leaders is a source of business. Second, never get married after the first drink. Starting with a couple of mid-size projects was the best option for us to test the water, to get to know these emerging leader, and its management team. Third, deliver what you have promised to your client if you want to do further business with him. It seems obvious, but since then, SG as further reinforces partnership with Neoen, financing on one side 200 megawatt wind asset in Australia, and supporting the company across the globe in its further development. Thank you for your attention.